AstraZeneca has recruited its new chief executive, Pascal Soriot, from Roche Holding, hoping his experience with biotechnology drugs and deal-making can revive a company battered by clinical trial failures and patent expirations.
Mr. Soriot, 53, has been chief operating officer of Roche’s pharmaceuticals division since 2010. The division has revenue of $34 billion, making it about the same size as AstraZeneca.
He will begin his new job on Oct. 1, AstraZeneca said Tuesday.
AstraZeneca’s chairman, Leif Johansson, said the timing of the move would let Mr. Soriot take part in an important strategy review, which will be completed by the end of the fourth quarter but will not change the group’s progressive dividend policy.
The London-based drug maker has been without a permanent chief executive since June 1, following the abrupt departure of David Brennan.
Mr. Soriot acknowledged that his new job would be a challenge, as the entire industry faces patent losses and pressure on prices. But he said in a statement, “The underlying strengths of AstraZeneca in delivering on its strategy are clear.” (Ver)
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